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Another overnight drop. Is today the day?
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Jun 22, 2018 13:56
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Waltzing Along posted:Another overnight drop. Is today the day? Crab17 continues.
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Jun 22, 2018 13:59
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 Just can't hold it's value. Wonder how many times the miners can prop up the price to stay profitable before they run out steam.
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Jun 22, 2018 14:07
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Risc1911 posted:
A lot. Never underestimate how stupid people are when it comes to money. Never underestimate how far people will extend themselves in the hopes of getting rich quick. 6250
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Jun 22, 2018 14:08
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It's under 6100. Someone post the roller coaster gif.
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Jun 22, 2018 14:32
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Dump it
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Jun 22, 2018 14:40
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I wonder if there is a point where it will seriously drop. Like, at 5k will confidence shatter and a ton of people get out? Or is it going to be this long slow drop into oblivion.
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Jun 22, 2018 14:42
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We might crack 6000 lol
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Jun 22, 2018 14:51
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Nice, but have you heard about my rear end?!
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Jun 22, 2018 14:57
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Come onnnnn thread title!
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Jun 22, 2018 14:59
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Just got off the phone with Bogdanoff, DUMP IT
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Jun 22, 2018 15:01
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Waltzing Along posted:I wonder if there is a point where it will seriously drop. Like, at 5k will confidence shatter and a ton of people get out? Or is it going to be this long slow drop into oblivion. It could drop to $0.50 and people would still be yelling "HODL" like loving idiots I called bitcoin a scam on reddit and the only reply was a kid saying "people still calling bitcoin a scam in 2019 jesus christ" hahahahahahahaha
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Jun 22, 2018 15:01
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nickhimself posted:I called bitcoin a scam on reddit and the only reply was a kid saying "people still calling bitcoin a scam in 2019 jesus christ" hahahahahahahaha Wonderful.
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Jun 22, 2018 15:02
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Waltzing Along posted:I wonder if there is a point where it will seriously drop. Like, at 5k will confidence shatter and a ton of people get out? Or is it going to be this long slow drop into oblivion. I thought about it. Not a lot because lol bitcoin, but I think not. The butters have a point: the price for bitcoin should roughly be equal to the price for mining. Otherwise, it's sufficiency profitable to join. Contrary to butters' belief, the price (as determined by difficulty) can also go down. This happens when bitcoin falls enough so mining is no longer profitable and difficulty is reduced. The difficulty is reduced very slowly, though, which might put a limit on the speed the butt price can drop. This time for course makes assumptions that are dubious even in real markets (rational actors, liquidity and the like). to;dr: I don't think there will be a crash based on faith alone. The price will be walked down by the difficulty.
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Jun 22, 2018 15:05
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Waltzing Along posted:I wonder if there is a point where it will seriously drop. Like, at 5k will confidence shatter and a ton of people get out? Or is it going to be this long slow drop into oblivion.
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Jun 22, 2018 15:06
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sell sell sell!
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Jun 22, 2018 15:14
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klafbang posted:I thought about it. Not a lot because lol bitcoin, but I think not. The butters have a point: the price for bitcoin should roughly be equal to the price for mining. Otherwise, it's sufficiency profitable to join. There is more to it than that. At some point Japan and the US will do with Korea and China have done and that will blow the whole thing up. Japan really seems inevitable. Even though they are actually using it there, it's just a matter of time before they realize just how environmentally destructive it is and they pull the plug. And the US will find some reason to get rid of it. Probably a combo of environment/scam/uselessness. Probably would be closer if the assholes on wall street didn't smell blood in the water.
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Jun 22, 2018 15:17
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Waltzing Along posted:There is more to it than that. At some point Japan and the US will do with Korea and China have done and that will blow the whole thing up. Korea has legalized it, Japan is in the process of regulating ICOs and China never actually banned it (they banned ICOs and trading because of the -thousands- of Chinese-focused scams, but as long as the miners aren't a threat to the social order they're happy enough to let them keep accumulating dollars.) It's possible POW may wind up semi-globally banned someday but we're definitely talking decades and it would have to be a UN undertaking with every bit of the beyond glacial pace that comes with this.
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Jun 22, 2018 15:32
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I would blow Dane Cook posted:https://twitter.com/nano/status/1009917306162565130?s=09 
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Jun 22, 2018 15:40
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nickhimself posted:It could drop to $0.50 and people would still be yelling "HODL" like loving idiots Agreed - current price is a red flag signaling BUY BUY BUY It’s never gonna be as cheap as it is right now, ever again
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Jun 22, 2018 15:47
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https://www.youtube.com/watch?v=oUbpGmR1-QM
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Jun 22, 2018 15:59
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Comfy Fleece Sweater posted:Agreed - current price is a red flag signaling BUY BUY BUY "never" as in next week, or maybe the week after?
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Jun 22, 2018 16:00
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Buy now or be priced out forever!!!!!!!!!!!!!!!!!!!!!!!!!!
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Jun 22, 2018 16:05
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Bitcoin is crashing! Sell! Sell! Sell!
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Jun 22, 2018 16:30
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The Glumslinger posted:Bitcoin is crashing! NO! You got it all wrong. **Buy the Dip!**
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Jun 22, 2018 16:37
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Yes fall fall fall.  Also China is cracking down on Bitcoin more and more specifically the miners due to the absurd power usage. Don't think that China is going to let them keep running at the ridiculous level they have been.
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Jun 22, 2018 16:49
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UCS Hellmaker posted:Yes fall fall fall. I really hope they do it fast so we get the Frisbee On The Roof.
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Jun 22, 2018 16:53
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TVsVeryOwn posted:I really hope they do it fast so we get the Frisbee On The Roof. ?
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Jun 22, 2018 17:00
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Basically China shuts down all of their bitcoin poo poo over night, like in one sweeping movie, since so much hash power is located in china it grinds bitcoin to a halt immediately. Until the rest of the world can bring enough data centers and computational power online noone, absolutely noone will be able to mine a single loving bitcoin until they make up for all the hash power china had.
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Jun 22, 2018 17:04
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LITERALLY SHITCOIN https://swachhcoin.com/ Can't make this poo poo up... 
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Jun 22, 2018 17:15
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Risc1911 posted:LITERALLY SHITCOIN You can’t beat crypto 
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Jun 22, 2018 17:48
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Adar posted:Korea has legalized it, Japan is in the process of regulating ICOs and China never actually banned it (they banned ICOs and trading because of the -thousands- of Chinese-focused scams, but as long as the miners aren't a threat to the social order they're happy enough to let them keep accumulating dollars.) If POW goes on another few decades that pace will be the only glacial thing left
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Jun 22, 2018 18:05
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Dead Like Rev posted:Basically China shuts down all of their bitcoin poo poo over night, like in one sweeping movie, since so much hash power is located in china it grinds bitcoin to a halt immediately. Until the rest of the world can bring enough data centers and computational power online noone, absolutely noone will be able to mine a single loving bitcoin until they make up for all the hash power china had. And no mining means no transactions get processed correct? The morons will probably spin it as "Heh, well if nobody can sell than the price can't drop. Perfect store of value checkmate nocoiners" 
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Jun 22, 2018 18:38
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Mr Luxury Yacht posted:And no mining means no transactions get processed correct? Correct, it all stalls. You'd have to spin up a poo poo ton of computer power or asics to catch it all up. At least thats how I understand it. Also didn't someone in the thread just recently say china is running like 51% of the computation power on bitcoin right now? It would be hosed if they were shut down
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Jun 22, 2018 19:01
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Dead Like Rev posted:Correct, it all stalls. You'd have to spin up a poo poo ton of computer power or asics to catch it all up. At least thats how I understand it. Also didn't someone in the thread just recently say china is running like 51% of the computation power on bitcoin right now? It would be hosed if they were shut down It's not really true. A single computer could handle the bitcoin network, all the extra computing power is basically just more entries in the lottery for the rewards.
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Jun 22, 2018 19:09
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Andy Dufresne posted:It's not really true. A single computer could handle the bitcoin network, all the extra computing power is basically just more entries in the lottery for the rewards. Interesting, so why does it take forever to process a transaction?
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Jun 22, 2018 19:13
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https://twitter.com/davidgerard/status/1010225132982415360 Mark did nothing wrong
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Jun 22, 2018 19:19
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Burt Sexual posted:Interesting, so why does it take forever to process a transaction?
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Jun 22, 2018 19:22
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Andy Dufresne posted:It's not really true. A single computer could handle the bitcoin network, all the extra computing power is basically just more entries in the lottery for the rewards. A single NES has the computing power to process everything, but bitcoin's proof of work requires that the difficulty in finding the right number of leading zeros has to increase with hash power put onto the network. And this difficulty only gets adjusted after so many blocks are processed. If the difficulty is sufficiently high and enough miners drop out, there won't be enough computing power to work through the necessary blocks to get the difficulty down to the level of computing power actually on the network. It is completely arbitrary and unnecessary to the core function of processing transactions through; but it is required to solve (not actually solve) the byzantine general problem that arises from having decentralized transaction processing.
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Jun 22, 2018 19:29
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A single computer will eventually find the right answer allowing that block to complete, and, after enough time, the difficulty will adjust such that the single computer will complete a block in about 10 minutes. It's true that going from millions of computers to a single computer would slow the network to a crawl, but if we hadn't ever had millions of computers online it wouldn't be a problem. My point of course is that transaction volume has nothing to do with how much processing power required to run the network.
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Jun 22, 2018 19:35
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